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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Rejection of books of account - the way in which the books of ...

Income Tax

April 23, 2015

Rejection of books of account - the way in which the books of accounts the appellant had been written, it is impossible to either determine purchases or the sales or the expenses. The books are not amenable any sort of verification and the entries mentioned are wrong - rejection sustained - AT

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  1. Rejection of books of accounts – Inflation of price - sales have increased by 29% but manufacturing expenses have increased by 45.93% - order of tribunal confirmed - HC

  2. Rejection of books of account - the rejection of books of account solely on the basis of non-maintenance of sales vouchers was not justified - AT

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  5. Rejection of books of account u/s.145 is justifiable as two diaries in which unaccounted payments to the partner and unaccounted expenses recorded, were found - AT

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